Growing Property Tech Start-up Out To Slash £3.5bn In Estate Agent Fees
Online property company Settled is slashing fees in order to dispel the myth that owners must rely on an ‘expert’ to sell their home.
In doing so, it plans to eliminate consumers paying £3.5bn in estate agents’ fees.
Settled is the only service in the UK that removes the need to use expensive estate agents. Instead of relying on a middleman, buyers and sellers connect through the platform and are given access to a range of digital tools and expert support – allowing Settled to lower costs to an industry-leading £399 (VAT inclusive).
Despite only launching earlier this year, Settled has already sold more than £50m worth of homes, allowing users to pocket an average saving of £5,000. Its consumer-focused approach has resulted in a quicker, smoother way to sell – with average time to sell homes being under one month.
“More needs to be done to innovate around how people transact in the real estate sector,” said Settled’s CEO and Co-Founder Gemma Young. “Despite the digital revolution, property services haven’t fundamentally changed. Owners are still sold the story that the best person to manage their home sale is a middleman. This justifies the disproportionately high fees they pay”.
“The key in unlocking what’s possible in this sector is inside consumers, not middlemen. We’ve seen how buyers and sellers empowered through Settled have a more positive experience, they save time and obviously money and this is all because they’re doing the opposite of what we’ve been told is right for many decades; they’re taking back control rather than relying on a third party”.
Settled was created by sibling entrepreneurs Gemma and Paul Young who both come from property and technology backgrounds. They have reassessed how the next generation want to buy and sell homes and built the only service that removes the traditional dependency on real estate agents. Fresh from a new £1m investment, the property tech start-up is gearing up for further growth.
Gemma continues: “Settled’s platform shifts power to sellers and buyers, enabling them to be more involved in the most significant sale or purchase they’ll likely ever make. We’re passionate about providing the British public with a fresh alternative to estate agents which, at last, tackles the underlying issues.”
“The idea isn’t complicated – we understand that the people who care the most are the best people to be involved in their home sale or purchase. By dispelling the ‘myth’ that you need to rely on a middleman and enabling more open communication, we allow things to work more quickly and transparently. Our customers avoid spending thousands of pounds and get to be the ones calling the shots…it’s a win, win”.
The property sector is one of the last to truly evolve but it’s the one which needs to the most in order to save the British public £3.5bn every year in fees and to stop the seventy percent of people who mistrust estate agents.